'Bitcoin Bernie': Mike Novogratz Calls for Radical Weath Redistribution

[Uncle Joe]

(snip)

During an appearance on Squawk Box today, Novogratz commented on America’s income equality gap and declared that we need a “redistribution of wealth.”

The Galaxy Digital chief believes that one way to do that is to levy taxes on Wall Street. He echoes sentiments not commonly heard these days among the money-centric investment culture, but rather from leftists like Alexandria Occasio-Cortez, Andrew Yang, and yes, Bernie Sanders.

(snip)


Wealthy people are increasingly concerned about the potential powder keg posed by the colossal divide between the rich and the poor. The situation has regressed from a perceived “golden age” in the 1950s and 60s, when upward mobility and middle-class wages were abundant, to an absurd reality where many CEOs earn in a day what their janitors will make in several months.

(snip)

Under Frank Delano Roosevelt, for example, the top tax bracket was as high as 95%. Until the 1970s, absurdly high taxes were the norm. The Reagan era brought about a reduction in top-tier taxes that has continued through today. It’s no secret that most of our systems are broken, but is “wealth redistribution” an ideal solution?

(snip)

https://www.ccn.com/bitcoin-bernie-mike-novogratz-weath-redistribution

[OilemFirchen]

1. Frank Delano Roosevelt?

Anyway, yes indeed. Let's turn to a billionaire Ponzi scheme manager for advice on the economy and neo-quasi-just-kidding-socialism.

Strange bedfellows? Nah. Not so much.

[Uncle Joe]

2. The stock market has become a Ponzi scheme.

Last edited Fri May 24, 2019, 11:15 PM - Edit history (1)

The top 10% of income earners own approximately 90% of all stocks.

They control the value of stocks and vast income disparity has become a fundamental threat to the overall economy, we paid the price for that with the great recession.

Only a slight majority of Americans approximately 51-52% own any stock or mutual funds at all.

I believe Warren Buffett and other enlightened billionaires are of similar mind in regards to the fundamental threat to our economy from this vast income/wealth disparity, the current system is dysfunctional and unsustainable.

When Bush the Least proposed allowing young workers be allowed to invest a portion of their social Security payroll taxes in the stock market, Al Gore called the proposal “stock market roulette,” “gambling with retirement” and “a risky scheme.”

The stock market is gambling, no matter how you slice it.

[OilemFirchen]

4. And...?

This post intentionally left blank.

[Uncle Joe]

8. Typo corrected.

[oldsoftie]

5. Yes, letting the government handle it is MUCH safer.......

[Celerity]

3. neo-quasi-just-kidding-socialism.

Brilliant!!

[oldsoftie]

6. Ignoring the fact that hardly ANYONE paid those high rates of the past.

In the 50s only a handful paid the high rates because of the TON of deductions that were available back then.

The only rate that matters is what you actually PAY.

[sandensea]

7. I don't mind there being obscenely wealthy people - as long as there were no working poor

Because THAT is the real obscenity here:

That you can work, even full-time, and still be nearly destitute.

That you can have a minor health mishap, and be financially ruined.

The wealthy can zip around in helicopters from orgy to orgy all they want. But the rest of us deserve - and need - peace of mind.

And Godblessit, they aren't entitled to buy politicians.